Chipotle Mexican Grill, often referred to as chipotal, is an American series of fast casual restaurants in the United States, United Kingdom, Canada, Germany and France, specializing in Tacos and mission-style Baritos. Its name comes out from chipotal, a snuffed name for a smoked and dried jaspine pepper. The company under the ticker symbol CMG trades in the New York Stock Exchange.
Chipotle is one of the first series of fast casual dining establishments. Among the fast-casual Mexican markets include Qadoba Mexican Grill, Mo’s Southwest Grill, Ruby’s Coastal Grill and Baja Fresh.
It was Founded on July 13, 1993 by Steve Ells, Chipotle had 16 restaurants, when McDonald’s Corporation became a major investor in 1998. By then, McDonald’s split himself completely from Chipotle in 2006, the series had increased to more than 500 locations.
With more than 2,000 locations, Chipotle had a revenue of US $ 475.6 million in 2015 and it had more than 45,000 employees.
In May 2018, Chipotle announced the transfer of its corporate headquarters in Newport Beach, California, in southern California, after 25 years ending their relationship with Denver.
History of Chipotle Mexican Grill
Founder Steve Ells attended the US Institute of Practice at Hyde Park, New York. Later, he became a line cook for the Jeremiah Tower in the stars in San Francisco. There, Ells observed the popularity of taqueria and San Francisco Burritos in the mission district. In 1993, he learned what Ells learned in San Francisco and opened the first chipotle Mexican grill in Denver, Colorado, in a former Dolly Madison ice cream store in 1644 East Evans Avenue near the Denver campus, using his $ 85,000 amount of loan from his father.
Ells and his father calculated that the store would need to sell 107 times per day to be profitable. After one month, the original restaurant was selling more than 1,000 times in a day. The second store was opened in 1995 using the cash flow of Chipotle, and the third was opened using SBA loan. To fund the growth, Ells’s father invested $ 1.5 million. Later, Ells created the board of directors and business plan, which added $ 1.8 million to the company. Ells originally planned to use money from Chipotle to open a great dining restaurant, but when the restaurant saw success, focusing on the Chipotal Catering.
In 1998, the first restaurant outside of Colorado opened in Kansas City, Missouri. The company opened its first position in March 1999 near Minnesota University campus in Minneapolis.
In 1998, McDonald’s made initial minority investments in the company. By 2001, the company had become Chipotle’s biggest investor. McDonald’s investment allowed the company to expand more than 500 in 2005 from 16 restaurants in 2005. On January 26, 2006, Chipotle increased its IPO ( initial public offer) after twice the share price due to the high demand of the IPO.
On its first day as a public company, the stock rose almost 100%, resulting in the best US-based IPO in six years, and the second best IPO for a restaurant after the Boston Market. Then the money from the offer was used for the new store’s growth.
In March 2005, Monty Moran was appointed president and chief operating officer of Chipotle, while founder Steve Ellis was elected president and CEO.
In October 2006, McDonald’s was completely divided by chipotle. This was part of a major initiative for McDonald’s to split its non-major business restaurant – Chipotle, Donatos Pizza and Boston Market – so that it could focus on the main McDonald’s chain. McDonald’s invested nearly $ 360 million in Chipotle, and withdrew 1.5 billion dollars. McDonald’s tried to get a chipotle to add a drive-through window and a breakfast menu, whose Ells opposed it. In 2008, Chipotle opened its first location in Toronto outside of the United States.
In January 2009, Chairman and Chief Operating Officer Monty Moran was promoted as co-CEO, a position he would share with Steve Ells, while Moran retained his position.
In 2009, the list of fastest growing restaurant chains, Chipotle was placed at the eighth position, which was based on the increase in US sales compared to last year, and Chipotle was ranked third in 2010. The company lends service to approximately 750,000 customers per day.
Chipotle Mexican Grill Menu :-
The chipotle menu contains five items: burritos, bowls, tacos, quesadillas, and salads. The price of every item is based on the selection of chicken, pork carnitas, barbacoa, steak, tofu-based “sofrita”, or vegetarian. Additional optional toppings are provided free of charge, including: rice, beans, queso, salsa, sour cream, paneer and lettuce.
When asked about the expansion of the menu in 2007, Steve Ells said, “It is important to keep the menu in mind, because if you do some things, then you can make sure that you do them better than anyone else Can. ” Chipotle also provides a children’s menu. . Most restaurants sell beer and margaritas apart from soft drinks and fruit drinks.
Chipotle accepts fax orders, and in 2005 the company added the ability to order online from its website. For both online and fax orders, customers tend to move towards the front of the line to pay pre-ordered food. In 2009, Chipotle released an app for the iPhone which allows users to find nearby chipotle locations, give an order, and prepay with a credit card. In 2013, Chipotle released an Android app, which allows users to access nearby chipotal locations, enter an order, prepay with a credit or gift card, and reach favorite and recent orders.
Cconclusion :-
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